Key Takeaways:Asia’s recovery and Sephora’s strength anchor LVMH’s beauty rebound.Experiential retail and exclusivity drive Sephora’s global market leadership.Europe lags in tourism; local demand powers regional growth shifts.In a climate of economic and geopolitical uncertainty, LVMH reported a positive “improvement in trends” for Q3, as well as a recorded revenue of €58.1 billion ($67.57 billion) for the first nine months of 2025, with most business segments showing organic growth. For the beauty sector, performance was particularly notable, with stable growth overall through nine months, with signs of acceleration in Q3.By the NumbersIn the first nine months, Perfumes & Cosmetics revenues were flat on an organic basis (0% growth) compared to the same period in 2024. However, in Q3 alone, the segment saw 2% growth. Among LVMH’s major divisions, only Selective Retailing (+7%), bolstered by Sephora, and Watches & Jewelry (+2%) outpaced Perfumes & Cosmetics in quarter-over-quarter growth. Fashion & Leather Goods still lagged with -2%. The broader context is important to understand. LVMH overall posted +1% organic growth in Q3, despite a -5% drag from exchange rate effects. This means that the positive turn in beauty indicates genuine demand rather than accounting artifacts.Driving Beauty MomentumLVMH underscored a few strategic and creative moves that helped pivot momentum. This included newness and hero launches such as Parfums Christian Dior’s rollout of Miss Dior Essence and Dior Homme Parfum. Guerlain also expanded its Aqua Allegoria and L’Art & La Matière fragrance Collections.